IREN (NASDAQ:IREN) Stock Price Down 2.8% – Time to Sell?

IREN Limited (NASDAQ:IREN) shares dropped 2.8% during mid-day trading on Tuesday . The stock traded as low as $38.12 and last traded at $38.30. Approximately 18,901,570 shares were traded during trading, a decline of 28% from the average daily volume of 26,202,068 shares. The stock had previously closed at $39.41.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IREN. Roth Capital set a $94.00 price target on shares of IREN and gave the stock a “buy” rating in a research note on Monday, November 3rd. UBS Group reissued a “buy” rating on shares of IREN in a research note on Friday, November 7th. Wall Street Zen cut IREN from a “hold” rating to a “sell” rating in a report on Monday, December 22nd. BTIG Research increased their price target on IREN from $32.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Finally, HC Wainwright lifted their price objective on IREN from $45.00 to $56.00 and gave the stock a “sell” rating in a research report on Tuesday, November 4th. Twelve investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $67.64.

IREN Price Performance

The stock has a 50-day simple moving average of $49.70 and a 200 day simple moving average of $35.56. The company has a market cap of $10.86 billion, a PE ratio of 19.74 and a beta of 4.23. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34.

Hedge Funds Weigh In On IREN

Hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC purchased a new stake in IREN in the third quarter valued at approximately $25,000. Quarry LP acquired a new stake in shares of IREN in the first quarter valued at $40,000. Allianz SE acquired a new stake in shares of IREN in the third quarter valued at $57,000. Sherman Asset Management Inc. purchased a new stake in shares of IREN in the 3rd quarter valued at $59,000. Finally, Advisors Asset Management Inc. lifted its stake in IREN by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock worth $66,000 after acquiring an additional 1,839 shares in the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

About IREN

IREN Limited, formerly known as Iris Energy Limited, owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.